Use the Slept Framework to Analyse the Current External Business

A. scripted Report (25%) You ar required to dissect the business milieu of a UK based manufacturer of a sumptuousness product of your choice. Please billet that * The actual companionship is hypothetical. * It is assumed to supply to the up merchandise department stores and boutiques slightly the world but its main market is the UK. * You must agree your special product with your tutor. * By highlife product, we mean an expensive product that is non a basic necessity. To complete this assessment task, you must a. Use the SLEPT material to analyse the current external business milieu for issues that may ask your company. annex this in the Appendix. No word bushel for this section. b. Drawing on your depth psychology of the external business environment, explain and unloosen the three some all measurable(predicate) issues currently facing your company. Word limit is 2000 words for this section. Word point of accumulation The word limit is 2000 words (excluding any it ems in the addendum**). Students are advised to stick to the word limit if you exceed the word limit, it should be within the 10% rule. Work submitted that exceeds the word limit may be penalised on the basis of failure to demonstrate academic discipline. *The Appendix should simply be used to support your discussion (which is what is being marked) with reference materials e. g. diagrams, s arseholened images, mesh printouts, articles etc. It should not be used to supplement your essay so that to a greater extent than words can be squeezed into your assignment In another(prenominal) words, a poorly written essay with a fantastic appendix is not going to achieve a good grade. Referencing To get a good grade, your discussion must be underpinned by a full selection of secondary sources and academic materials (e. g. books and journal articles) throughout your work or where appropriate.All work must be fully referenced (preferably using the Harvard Referencing System) to admit so urces used or consulted for the production of your report otherwise it would be considered as plagiarism. Correct referencing is a vital skill you will need to get everyplace for any academic writing. Please DO NOT USE references taken from Wikipedia, MarketingTeacher. Com, QuickMBA. Com or similar websites that allow students to do a quick sham and paste quotations of academic concepts. These websites may be useful for initial inquiry and/or reading but they should not end up in any part of your work as they are not accepted academic sources.This kind of practice does not encourage deep learning. dense learning can only come about if you invest time and effort into in-depth reading in original sources. A) Use the SLEPT framework to analyse the current external business environment for issues that may shine your company. Attach this in the Appendix. No word limit for this section. I will be using SLEPT in order to analyze the external business environment for key issues tha t may affect my high-fidelity firm. teeming Sounds is a high life selling Hi-fi Company based in the United Kingdom. The company does make do internationally, however its main trade mainly takes place within the UK.The market is estimated to be worth ? 2 billion in 2007 compared with a peak value of ? 2. 1 billion in 2005. The growth of the market for man-portable music players and, more recently, for home docking stations has number one a decline in home hi-fi system sales. The arrival of the iPod marked a sea change in the audio equipment market. sales of MP3 players have grown dramatically at the expense of other portable music players, peculiarly CD players. In the home, CDs remain the dominant change but are increasingly played on PCs and laptops this change has adversely impacted the sale of conventional home audio equipment (Mintel. flush Sounds does compete at the higher end of the hi-fi market with brands such as Sony and Panasonic. SLEPT framework is used to a nalyze the current external business environment for issues affecting a business such as Rich Sounds. The luxury hi-fi market has many external influences which can affect it. applied science is one of the main external influences from the SLEPT analysis. Development in technology has meant that littler and sleeker devices such as iPods are selling instead of traditional hi-fi systems. Advances in technology, for slip advance has hugely helped the growing sales in the hi-fi market.Many electronics companies tend to have huge celebrity endorsements which in descend boost their sales as tribe nowadays tend to choose electronics which are advertised by celebrities and learn the trend. It is said that companies such as Rich Sounds need to spend at least ? 1million on advertising in order to compete at the top level. (Mintel) Also more and more stack tend to download their music nowadays and this fashion an increase in competition for Rich Sounds as more populate would buy com puters and laptops rather than hi-fis.Ownership of PCs has now reached high levels and the majority of consumers are accessing the mesh at least once a week at home. other issue in SLEPT is scotch cyphers. The current cite crunch has resulted in more and more people having less usable income and this knock on case message electronic sales could suffer. It is thought that due to this, people are less likely to buy hi-fis, but instead buy necessities. The character reference crunch has also reduced the amount of affluent people and this means it could reduce the market size and this means Rich Sounds could become more competitive.It could be said that spending on repairs has fallen dramatically over the last five years, as lower product prices mean it is oft more cost-efficient to replace than repair. The final issue linked to economic factors is society. Hi-fis are associated as being a seasonal product especially at Christmas time when people are buying them for presents s o this is when Rich sounds would expect a huge increase in sales. Also people that work long hours and work further away from home can help boost Rich Sounds sales. Nowadays, commuting to work is tedious to a lot of people and so they can listen to audio equipment at this point.The final issue in SLEPT is political issues. Although there is not untold to say for this point, I can briefly say that tax issues affect my firm. B) Drawing on your analysis of the external business environment, explain and justify the three most important issues currently facing your company. Word limit is 2000 words for this section. I will now discuss the three most important issues from the SLEPT analysis and these are the technological, social and economical issues. Trends are an important aspect of the economic environment.Nowadays it is becoming increasingly more fashionable to follow celebrity trends and those celebrities who advertise electronics such as hi-fis tend to sell the most. An example of this is when Sony used Justin Timberlake dancing on their adverts to help promote their goods and this saw a huge increase in sales. Research suggests that the two most habitual hi-fi companies are Panasonic and Sony and these spend millions and millions on advertising. This means Rich Sounds could advertise new equipment with different celebrities to help promote it hugely. Another economic factor is the credit crunch.It has resulted in people having a lot less disposable income and so therefore hi-fi sales will fall dramatically. imputable to this people will not splash out on luxury goods like hi-fis, however they will buy necessities instead. This provides a knock on effect and therefore Rich Sounds sales may fall. Also the credit crunch has seen a reduction in the amount of wealthy people and this can reduce the size of the market and therefore make Rich Sounds more competitive. http//academic. mintel. com. lcproxy. shu. ac. uk/sinatra/oxygen_academic/search_results/show&/dis play/id=271602/display/id=299002hit1